Tel Aviv, Israel—In the heart of the White City of Tel Aviv, a 37-story ultra-luxury residential tower is rising above the city skyline. Called the Meier-on-Rothschild, this unique architectural masterpiece is halfway completed and 60 percent pre-sold.

Behind the project is a joint venture between Berggruen Development, the U.S.-based private investment firm and Israeli Hagag-Cohen Group. Located at the center of Rothschild Boulevard, the tower boasts the sleek and elegant design vision of world-renowned architect Richard Meier, winner of the Pritzker Prize, the Nobel Prize in architecture.

Upon completion in the first quarter of 2014, the project will offer 147 spacious residences with spectacular views of the Mediterranean Sea. Each 8,450-square-foot floor can be a single apartment or it may be divided into two, four or five units, and will feature 540 square feet of outdoor terraces and a “Smart Home” system for controlling electric, communication and security functions. The project includes one triplex penthouse and two duplex penthouses, one of which, known as “The Palace in the Sky,” is valued at $50 million—the most expensive apartment ever for sale in Israel. Prices range from $1,100 to $1,700 per square foot, while penthouses sell for $3,000 per square foot.

Amenities include a 24-hour concierge service, a luxurious lobby, five rapid elevators, six levels of underground parking, a designated bicycle parking area, and secured storage rooms. Residents will also have access to a spa comprised of a professionally equipped fitness center, relaxation lounge, treatment room, dry sauna and personal training room. The roof deck will offer a 25-meter swimming pool (82 feet), along with a kid’s pool. Finally, a wine cellar will enable each and every resident to build their own private wine collections and store them in optimal conditions.

The tower’s prime location is second to none.

The White City is an area of Tel Aviv, which has been declared by UNESCO as a world heritage site due to its countless architectural gems. In order to fit the hot Mediterranean climate, many of the structures are white or light in color to reflect the desert sun. The picturesque Rothschild Boulevard is a trendy synthesis of residential and commercial areas and serves as the city’s cultural hub. Its spirit and energy has led many to consider it the Israeli version of New York’s Fifth Avenue

While this may be the most luxurious building in Tel Aviv, it has also set a standard for quality and sustainability. The 590-feet Meier-on-Rothschild residential project has already been issued the green standard from the American Standards Institute.